# Konecranes (KCR.HE)

Canonical: https://gigainvestors.com/s/KCR.HE

Analysis as of: 2026-10-16T07:36:22.668Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 29.74 per share; close as of 2026-10-15.

Estimated value: low EUR 16.74 per share, central EUR 20.05 per share, high EUR 23.16 per share. Buy at or below the central value EUR 20.05 per share. Valuation as of 2026-10-16T07:36:22.668Z; scenarios are not confidence intervals.

Expected annual return: 7.6% at the stated quote. About 7.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FI 10-year bond 3.8% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.10×

- FY2018: 0.05×

- FY2019: 0.04×

- FY2020: 0.05×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.10×

- FY2024: 0.12×

- FY2025: 0.13×

### moat: fail

- Recent gross margin fell 31.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 17.4%

- ROIC, second-lowest year: 10.7%

- Typical minus recent gross margin: 31.1 pp

- Typical gross margin (annual median): 54.9%

- Recent gross margin (lower of latest and 3-year median): 23.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 10.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.7%

- FY2017: 29.6%

- FY2018: 13.0%

- FY2019: 10.5%

- FY2020: 15.6%

- FY2021: 19.3%

- FY2022: 14.7%

- FY2023: 32.6%

- FY2024: 39.4%

- FY2025: 48.4%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.15×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.5B

- Net income, five-year total: EUR 1.3B

- Return on incremental invested capital: 1380.7%

- Working capital / revenue, annual change: 2.2 pp

- Working capital / revenue, change between three-year averages: 17.6 pp

- Working capital / revenue, final three-year average: 36.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.37×

- FY2022: 1.30×

- FY2023: 1.12×

- FY2024: 1.04×

- FY2025: 1.14×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 13.0% vs 39.4%

- Per-share earnings: 0.21 to 1.54 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.0%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: EUR 5.5B

- Cumulative retained earnings: EUR 1.0B

- Diluted shares, 10-year annual growth: 3.0%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 28.4%

- Per-share value change: EUR 1.33

- Per-share value, starting three-year median: EUR 0.21

- Per-share value, ending three-year median: EUR 1.54

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.5B

- Cumulative net income, 10 years: EUR 1.9B

- ROIC, first three-year median: 13.0%

- ROIC, last three-year median: 39.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.21

- FY2017: EUR 0.94

- FY2018: EUR 0.43

- FY2019: EUR 0.34

- FY2020: EUR 0.52

- FY2021: EUR 0.62

- FY2022: EUR 0.59

- FY2023: EUR 1.16

- FY2024: EUR 1.54

- FY2025: EUR 1.66

### accounting: pass

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.42×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.70×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.7%

- FY2017: -0.7%

- FY2018: -0.2%

- FY2019: -2.4%

- FY2020: -7.1%

- FY2021: -0.6%

- FY2022: 1.7%

- FY2023: -6.2%

- FY2024: -2.6%

- FY2025: -3.7%

## Holders

## Price story

Price needs cash profits to grow 7.7% a year for ten years · sales -0.9%

Story as of 2026-10-16T10:00:07.303Z; price observation 2026-10-15.

Price needs cash profits to grow 7.7% a year for ten years

### Sales · FY2024–2025

sales -0.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.1B 

- FY2017: EUR 3.1B 

- FY2018: EUR 3.2B 

- FY2019: EUR 3.3B 

- FY2020: EUR 3.2B 

- FY2021: EUR 3.2B 

- FY2022: EUR 3.4B 

- FY2023: EUR 4.0B 

- FY2024: EUR 4.2B 

- FY2025: EUR 4.2B 

### Gross margin · FY2025

gross margin 23.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 53.7% 

- FY2017: 55.0% 

- FY2018: 56.5% 

- FY2019: 54.7% 

- FY2020: 53.6% 

- FY2021: 55.5% 

- FY2022: 55.0% 

- FY2023: 54.0% 

- FY2024: 55.6% 

- FY2025: 23.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in farm & heavy construction machinery; annual sales are EUR 4.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); FY2025: revenue 4187800000; grossProfit 993499999; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KCR.HE: Konecranes Plc manufactures, sells, and services material handling products in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. It operates through three segments: Industrial Service, Industrial Equipment, and Port Solutions. The Industrial Service segment provides maintenance services for various industrial cranes and hoists. The Industrial Equipment segment offers industrial cranes and wire rope hoists, crane manufacturing components, digital controls, and software and automation; chain hoists, workstation lifting systems, overhead cranes, and cranes and hoists for hazardous environments. The Port Solutions segment provides equipment, services and software, and products, such as ship-to shore cranes, yard cranes, lift trucks, mobile harbor cranes, straddle carriers, and automated guided vehicles. It also offers maintenance, repair and digital services, and spare parts for the container handling industry. It serves general manufacturing metals production, power generation, automotive, pulp and paper, raw materials and chemicals, and container handling industries. The company was founded in 1910 and is headquartered in Hyvinkää, Finland.

### Why customers stay

Margins ranged from 23.7% to 55.6% during 2023–25; it earns 17.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); FY2023: grossProfit / revenue = 54%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); FY2024: grossProfit / revenue = 55.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); FY2025: grossProfit / revenue = 23.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); 10-year return on capital observations [[2016,0.10705140640155189],[2017,0.2962383775530667],[2018,0.13006835939987924],[2019,0.10545191530691031],[2020,0.15585257994149987],[2021,0.19280890792851418],[2022,0.14662068379350357],[2023,0.3264094169656745],[2024,0.39412485447799833],[2025,0.4835000009311017]]; median 0.17433074393500703. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 55% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); Gross margin observations: [[2021,0.555475164365032],[2022,0.5499865907804166],[2023,0.5401255578246729]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); FY2016: growth capex 0; upkeep 27300000; owner earnings 60400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); FY2017: growth capex 0; upkeep 28700000; owner earnings 307800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); FY2018: growth capex 0; upkeep 38300000; owner earnings 169600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); FY2019: growth capex 0; upkeep 40700000; owner earnings 136260000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); FY2020: growth capex 0; upkeep 43800000; owner earnings 182640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); FY2021: growth capex 0; upkeep 40500000; owner earnings 201820000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); FY2022: growth capex 0; upkeep 44700000; owner earnings 182700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); FY2023: growth capex 0; upkeep 52400000; owner earnings 307720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); FY2024: growth capex 0; upkeep 69200000; owner earnings 384340000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); FY2025: growth capex 0; upkeep 49400000; owner earnings 455180000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); Dividend observations: [[2016,61700000],[2017,82300000],[2018,94600000],[2019,94600000],[2020,95000000],[2021,69600000],[2022,98900000],[2023,99000000],[2024,106900000],[2025,130699999]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 21.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KCR.HE SharesStats.PercentInsiders = 21.154 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.7% yearly over ten years; actual growth was 23.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:22.668Z); Ten-year compound average after fade. Initial solved rate 0.09756692677202261. Price 29.74; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.23055555555555557 → FY2025 1.8888171468312787. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 10.85 per share

- 2016-12: EUR 11.26 per share

- 2017-01: EUR 12.12 per share

- 2017-02: EUR 11.32 per share

- 2017-03: EUR 11.10 per share

- 2017-04: EUR 12.84 per share

- 2017-05: EUR 12.24 per share

- 2017-06: EUR 12.35 per share

- 2017-07: EUR 12.57 per share

- 2017-08: EUR 12.36 per share

- 2017-09: EUR 12.52 per share

- 2017-10: EUR 13.19 per share

- 2017-11: EUR 12.46 per share

- 2017-12: EUR 12.73 per share

- 2018-01: EUR 13.63 per share

- 2018-02: EUR 12.11 per share

- 2018-03: EUR 11.75 per share

- 2018-04: EUR 11.33 per share

- 2018-05: EUR 11.93 per share

- 2018-06: EUR 11.78 per share

- 2018-07: EUR 11.03 per share

- 2018-08: EUR 11.35 per share

- 2018-09: EUR 10.99 per share

- 2018-10: EUR 10.55 per share

- 2018-11: EUR 10.03 per share

- 2018-12: EUR 8.80 per share

- 2019-01: EUR 10.06 per share

- 2019-02: EUR 10.28 per share

- 2019-03: EUR 10.56 per share

- 2019-04: EUR 12.37 per share

- 2019-05: EUR 10.25 per share

- 2019-06: EUR 11.19 per share

- 2019-07: EUR 8.87 per share

- 2019-08: EUR 9.01 per share

- 2019-09: EUR 9.81 per share

- 2019-10: EUR 9.22 per share

- 2019-11: EUR 9.63 per share

- 2019-12: EUR 9.13 per share

- 2020-01: EUR 9.10 per share

- 2020-02: EUR 8.88 per share

- 2020-03: EUR 5.20 per share

- 2020-04: EUR 6.61 per share

- 2020-05: EUR 7.17 per share

- 2020-06: EUR 6.71 per share

- 2020-07: EUR 7.19 per share

- 2020-08: EUR 7.96 per share

- 2020-09: EUR 8.92 per share

- 2020-10: EUR 9.00 per share

- 2020-11: EUR 9.53 per share

- 2020-12: EUR 9.59 per share

- 2021-01: EUR 10.02 per share

- 2021-02: EUR 12.26 per share

- 2021-03: EUR 12.67 per share

- 2021-04: EUR 12.77 per share

- 2021-05: EUR 12.39 per share

- 2021-06: EUR 11.84 per share

- 2021-07: EUR 12.08 per share

- 2021-08: EUR 12.78 per share

- 2021-09: EUR 11.59 per share

- 2021-10: EUR 11.99 per share

- 2021-11: EUR 11.42 per share

- 2021-12: EUR 11.72 per share

- 2022-01: EUR 11.78 per share

- 2022-02: EUR 10.42 per share

- 2022-03: EUR 9.32 per share

- 2022-04: EUR 9.00 per share

- 2022-05: EUR 9.60 per share

- 2022-06: EUR 7.41 per share

- 2022-07: EUR 8.70 per share

- 2022-08: EUR 7.82 per share

- 2022-09: EUR 6.83 per share

- 2022-10: EUR 8.49 per share

- 2022-11: EUR 9.34 per share

- 2022-12: EUR 9.59 per share

- 2023-01: EUR 9.94 per share

- 2023-02: EUR 10.74 per share

- 2023-03: EUR 10.28 per share

- 2023-04: EUR 11.82 per share

- 2023-05: EUR 11.64 per share

- 2023-06: EUR 12.28 per share

- 2023-07: EUR 11.01 per share

- 2023-08: EUR 10.64 per share

- 2023-09: EUR 10.49 per share

- 2023-10: EUR 10.30 per share

- 2023-11: EUR 12.10 per share

- 2023-12: EUR 13.62 per share

- 2024-01: EUR 13.28 per share

- 2024-02: EUR 15.87 per share

- 2024-03: EUR 16.04 per share

- 2024-04: EUR 16.51 per share

- 2024-05: EUR 17.53 per share

- 2024-06: EUR 17.65 per share

- 2024-07: EUR 21.52 per share

- 2024-08: EUR 21.17 per share

- 2024-09: EUR 22.47 per share

- 2024-10: EUR 21.12 per share

- 2024-11: EUR 21.35 per share

- 2024-12: EUR 20.40 per share

- 2025-01: EUR 19.43 per share

- 2025-02: EUR 22.83 per share

- 2025-03: EUR 19.60 per share

- 2025-04: EUR 19.60 per share

- 2025-05: EUR 22.93 per share

- 2025-06: EUR 22.45 per share

- 2025-07: EUR 24.43 per share

- 2025-08: EUR 23.47 per share

- 2025-09: EUR 23.40 per share

- 2025-10: EUR 28.53 per share

- 2025-11: EUR 29.42 per share

- 2025-12: EUR 31.30 per share

- 2026-01: EUR 33.12 per share

- 2026-02: EUR 33.43 per share

- 2026-03: EUR 27.94 per share

- 2026-04: EUR 27.94 per share

- 2026-05: EUR 28.40 per share

- 2026-06: EUR 26.88 per share

- 2026-07: EUR 27.04 per share

- 2026-08: EUR 29.60 per share

- 2026-09: EUR 30.84 per share

- 2026-10: EUR 30.02 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 4.36 per share, central EUR 4.87 per share, high EUR 5.54 per share

- FY2017: low EUR 4.76 per share, central EUR 5.32 per share, high EUR 6.06 per share

- FY2018: low EUR 6.22 per share, central EUR 6.98 per share, high EUR 7.99 per share

- FY2019: low EUR 7.94 per share, central EUR 9.30 per share, high EUR 10.62 per share

- FY2020: low EUR 10.68 per share, central EUR 12.44 per share, high EUR 14.12 per share

- FY2021: low EUR 9.74 per share, central EUR 11.23 per share, high EUR 12.89 per share

- FY2022: low EUR 10.01 per share, central EUR 11.37 per share, high EUR 12.98 per share

- FY2023: low EUR 13.15 per share, central EUR 15.31 per share, high EUR 17.48 per share

- FY2024: low EUR 15.74 per share, central EUR 18.63 per share, high EUR 21.28 per share

- FY2025: low EUR 17.95 per share, central EUR 21.31 per share, high EUR 24.46 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:04.034Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.